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TD Cowen: The Bitcoin premium for Strategy has fallen to "crypto winter" lows, still maintaining a target price of 535 USD.

According to 深潮 TechFlow news on November 25, reported by The Block, TD Cowen's research shows that the Bitcoin premium of Strategy continues to decline, returning to the low levels seen during the “crypto winter” period of 2021-2022.

Lance Vitanza, Managing Director at TD Cowen, stated that Strategy did not issue new shares or purchase new Bitcoins through the market issuance (ATM) plan yesterday. The two Bitcoin premium charts released by the company show that this metric is steadily compressing to the levels seen at the end of 2021 and the beginning of 2022. Despite the continued decline in premiums, TD Cowen maintains a buy rating and a target price of $535, which is about 200% higher than the current stock price of approximately $180.

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